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NYSE-Linked Bitcoin Exchange Bakkt Just Unveiled a Major Acquisition

Bakkt – the cryptocurrency startup launched by New York Stock Exchange (NYSE) owner Intercontinental Exchange – just yanked the lid off the full range of its blockchain ambitions.

The firm announced today that it has acquired Digital Asset Custody Company (DACC) as part of its efforts to gain regulatory approval for its crypto products.

Reportedly, Bakkt is less concerned with merely building a Bitcoin exchange than they are with offering institutional custody and payment platform services, all of which still requires regulatory approval.

Bakkt Acquires Crypto Custodian DACC

bakkt bitcoin futures

Bitcoin startup Bakkt acquired a crypto custodian to help bring its regulated platform to market. | Source: Shutterstock

The company recently announced its application for a BitLicense, and it is also pushing to become a trust company in New York. The company’s efforts have been repeatedly stalled by regulatory delays, despite positive news around its partnerships with Starbucks, Microsoft, and others.

Coinbase previously acquired a trust charter with the New York Department of Financial Services. Becoming a trust can be a faster process than becoming a BitLicense recipient, which can take several years. Bakkt says in a new blog post that it’s applied for a charter, and recently we reported that they’re also seeking a BitLicense.

Bakkt wants to offer Bitcoin futures contracts that pay out in cryptocurrency, which would set them apart from other Bitcoin futures offerings. Bakkt has several other ambitious projects in mind, but it must get through several layers of red tape before it finally launches.

Adam White wrote in Bakkt’s blog today:

“To provide regulated custody, we have filed with the New York Department of Financial Services for approval to become a trust company and in this capacity serve as a Qualified Custodian for digital assets. […] It is with that same commitment to setting a new standard for securely storing digital assets that we’re excited to announce that we have acquired Digital Asset Custody Company (DACC). DACC shares our security-first mindset and brings extensive experience offering secure, scalable custody solutions to institutional clients. The team’s experience integrating multiple blockchains and operating cutting-edge consensus mechanisms is a valuable addition to our team and future product line.”

Bakkt CEO Kelly Loeffler told Fortune:

“From the ground up what ICE has been building for two years is the safest version of a custody solution for digital assets.”

Custody: The Key to Mass Bitcoin Adoption?

bitcoin wallet crypto

A lack of regulated custodians has kept many crypto-curious institutions out of the burgeoning asset class. | Source: Shutterstock

Bakkt and Coinbase have both claimed that offering secure, modern custodial solutions for cryptocurrency will encourage institutional investors to expand their portfolios to include the speculative asset class. Thus far, Coinbase and Circle’s offerings have yet to make a significant dent in the overall market.

Fidelity, a traditional assets management company, also nears completion of its custodial solution. A range of options doesn’t necessarily equate to investor interest, but their availability may play a vital role during any future bull run. Institutional investors will, at a minimum, have several popular options to choose from if they consider getting into the market, opportunities that didn’t exist in previous times.

Bakkt’s current push is three-pronged:

  • They’ve acquired a company already engaged in playing custodian to digital assets.
  • They’ve applied for a BitLicense.
  • They’re working to become a registered trust.

There are other avenues they might still pursue, such as operating without New York as an available market at first. What is clear is that the company is anxious to get into the game, and the recent bull market activity is probably not far from their mind.

Source: NYSE-Linked Bitcoin Exchange Bakkt Just Unveiled a Major Acquisition

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Why Bitnyx Is Still The Most Favourite Free Satoshi Maker Without Any Doubt

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Bitnyx is the next generation bitcoin faucet platform created by crypto-coin enthusiasts. Bitcoin faucet is a reward system that dispenses rewards in the form of a satoshi for visitors to claim in exchange for completing a captcha. At Bitnyx, our purpose is to help introduce new people to bitcoin.

We provide information to new users as well as offering them some free coins so that they can “try before they buy”, experimenting with a test transaction or two before putting real money on the line. Since this whole experience is so new and a bit complicated to people, who perhaps don’t quite trust it with their hard money, Bitnyx is easy way to get free digital currency………

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From the referral you earn 50%, so I would say very convenient. Automatically you also participate in a weekly contest, which has up to 0.00100000. To win you have to do as many claims as possible. . There is absolutely no obligation to click on the advertisements of third-party portals to make claims, the only thing to do is just click in the green rectangle when it is ready for the claim (ie ended half an hour from the last and once replaced wait in orange with green claim, strongly recommend not to use any VPN or browser in anonymous, otherwise you are banned .. They have to trace the IP to accredit satoshi Languages ??available: English or Russian.

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Earnings are automatically picked up on the site Every week on Monday at 00:00 (UTC) all the current balance is automatically withdrawn directly to the bitcoin address indicated above without transaction fees. You can activate or deactivate automatic withdrawals and add or change the bitcoin address in the settings. The minimum levy available is 0.00025000 BTC.

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Source: https://bitnyx.com

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